A new story from Marketplace


Those are looking for promising economic news might consider the housing market there was word from the mortgage bankers association's day that applications for home loans were up last week for the fourth week in a row and with interest rates still near record lows this is a pretty good time to buy if you can get one of those loans and if you can find a place to buy a witcher pretty big ifs marketplace Amy Scott has more on that one after weeks mostly stuck in her nine hundred sixty square foot condo in Newark Ohio near Columbus with her husband two dogs and a cat amber Simpson is ready for an upgrade she manages a dental office which is gradually re opening he's back at work as a very staff now the challenge is finding a place to buy it for under a hundred and eighty thousand dollars it's so competitive right now I mean houses in our price range are up for twenty four hours during contract they're gone they disappear across the country as parts of the economy re open buyers are coming back sellers not so much Susan Wachter teaches real estate at the Wharton school she says some worry about having strangers in their homes others about selling in a down economy many many properties that were planned to go on the market have been pulled if you are in the market to buy very difficult to find a home and increasingly a mortgage Michael Neil with the urban institute says as more homeowners struggle to pay existing mortgages lenders have tightened their credit standards I think that there is a concern about the ability of borrowers to actually make their payments in view of the sharp increase in unemployment and that increase could turn a dip in home sales into a longer term slide economist Danielle Hale with realtor dot com expects sales to rebound this summer before falling a again if coronavirus infections research we expect the economy and housing market to be on again off again throughout.

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